Commissioner Approves 6.9% Rate Decrease

The New Jersey Commissioner of Banking and Insurance approved a 6.9% decrease in rates for workers' compensation policies incepting on or after Jan. 1. Average rate changes will vary by industry group. The office and clerical group will see the largest average decrease at 9.6%, followed by goods and services at 7.5%. The “miscellaneous” category will see the smallest average decrease at 5.4%, according to information provided by the New Jersey Compensation Rating and Inspection Bureau. The bureau also announced that the commissioner approved changes to the Workers' Compe...